Longboard Pharmaceuticals, Inc. (NASDAQ:LBPH) Receives Consensus Rating of “Hold” from Brokerages

Shares of Longboard Pharmaceuticals, Inc. (NASDAQ:LBPH) have earned an average rating of “Hold” from the nine ratings firms that are covering the company, MarketBeat.com reports. Five analysts have rated the stock with a hold recommendation and four have assigned a buy recommendation to the company. The average 12-month target price among brokerages that have covered the stock in the last year is $59.56.

A number of brokerages recently weighed in on LBPH. Truist Financial reiterated a “hold” rating and issued a $60.00 target price on shares of Longboard Pharmaceuticals in a report on Tuesday, October 15th. Robert W. Baird boosted their target price on Longboard Pharmaceuticals from $36.00 to $60.00 and gave the stock an “outperform” rating in a report on Thursday, July 11th. B. Riley reaffirmed a “neutral” rating and set a $60.00 price target (up from $45.00) on shares of Longboard Pharmaceuticals in a research report on Monday, October 14th. Cantor Fitzgerald reissued a “neutral” rating on shares of Longboard Pharmaceuticals in a research note on Monday, October 14th. Finally, HC Wainwright reaffirmed a “neutral” rating and set a $60.00 price target (down from $80.00) on shares of Longboard Pharmaceuticals in a research report on Tuesday, October 15th.

Longboard Pharmaceuticals Stock Performance

LBPH opened at $59.69 on Monday. Longboard Pharmaceuticals has a 1 year low of $3.60 and a 1 year high of $59.95. The company’s 50 day simple moving average is $41.68 and its 200 day simple moving average is $31.63. The stock has a market capitalization of $2.32 billion, a PE ratio of -27.76 and a beta of 1.22.

Longboard Pharmaceuticals (NASDAQ:LBPH) last announced its quarterly earnings results on Thursday, August 1st. The company reported ($0.56) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.46) by ($0.10). During the same quarter in the prior year, the business posted ($0.65) EPS. As a group, sell-side analysts expect that Longboard Pharmaceuticals will post -2.19 earnings per share for the current fiscal year.

Insider Activity

In related news, CMO Randall Kaye sold 16,666 shares of Longboard Pharmaceuticals stock in a transaction on Monday, September 16th. The shares were sold at an average price of $31.64, for a total transaction of $527,312.24. Following the sale, the chief marketing officer now owns 17,920 shares of the company’s stock, valued at $566,988.80. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Over the last three months, insiders sold 50,000 shares of company stock worth $2,090,010. 4.64% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Longboard Pharmaceuticals

A number of hedge funds have recently bought and sold shares of the business. RA Capital Management L.P. purchased a new position in shares of Longboard Pharmaceuticals during the 1st quarter valued at approximately $71,045,000. Farallon Capital Management LLC raised its holdings in Longboard Pharmaceuticals by 88.4% in the first quarter. Farallon Capital Management LLC now owns 2,940,500 shares of the company’s stock valued at $63,515,000 after acquiring an additional 1,380,000 shares in the last quarter. Vanguard Group Inc. boosted its stake in Longboard Pharmaceuticals by 119.3% during the 1st quarter. Vanguard Group Inc. now owns 1,724,431 shares of the company’s stock valued at $37,248,000 after acquiring an additional 937,998 shares during the last quarter. Price T Rowe Associates Inc. MD grew its holdings in Longboard Pharmaceuticals by 36.3% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 2,217,995 shares of the company’s stock worth $47,910,000 after acquiring an additional 591,013 shares in the last quarter. Finally, Lord Abbett & CO. LLC acquired a new position in Longboard Pharmaceuticals during the 1st quarter worth $10,264,000. Institutional investors and hedge funds own 63.28% of the company’s stock.

About Longboard Pharmaceuticals

Longboard Pharmaceuticals, Inc, a clinical-stage biopharmaceutical company, focuses on developing novel and transformative medicines for neurological diseases. The company develops bexicaserin (LP352), which has completed Phase 1b/2a clinical trial for the treatment of seizures associated with developmental and epileptic encephalopathies.